First Short Sale in The Marquee: 1464 S. Michigan in the South Loop
We’ve chattered about The Marquee at 1464 S. Michigan in the South Loop several times since it began closing on units in early 2008.
See prior chatter and interior pictures of the units here.
Current stats on the building (out of 214 units):
- 17 for sale (on the MLS- developer may have more as the building is not sold out)
- 6 for rent
Some units may be both for sale AND for rent.
It’s only a year later and short sales are starting to appear in the building.
The agent is being aggressive about lowering the price on this 2-bedroom unit listed as a “short sale”, Unit #1803, as the price has been plunging in the last week.
Unit #1803: 2 bedrooms, 2 baths, no square footage given
- I couldn’t find a prior sales price but Unit #1403 sold in April 2008 for $348,500 to give you an idea
- Originally listed in December 2008 for $369,000
- Reduced several times
- Listed on Feb 2, 2009 for $329,000
- Reduced
- Listed on Feb 4, 2009 for $319,000
- Reduced
- Listed on Feb 6, 2009 for $309,000 (parking included)
- Assessments of $265 a month
- Taxes are “new”
- Bedroom #1: 11×13
- Bedroom #2: 11×10
- Living room: 12×26 (looks combined with the kitchen)
- Roman Yaremchuk of Exit Realty Group has the listing. See the listing here (no interior pictures available.)
It is the cheapest 2/2 in the building.
Is this a “deal” at this price?
Blah….
That is the worst looking layout I’ve ever seen.
homedelete I agree, but I have seen other units that had different layouts that where pretty good.
I count 162 warranty deeds issued by the developer. This is probably more than the total units sold due to some seperate parking space sales (I found 2 but did not look closely.)
It also appears that only one unit has been resold:
#607 sold 3/4/08 $306,000 with parking
#607 sold 8/1/08 $320,000 with parking
Too much work for the realtor to post some pictures of the freakin interior… This guy is clearly deserving of his 5%
Sadly I fear this year CC is going to be populated by these overpriced fuglies in the South Loop.
I don’t trust the developer of this building. I went to one of the first open houses and this building was originally supposed to be a Lucien LaGrange(840 N Lake Shore, 800 N MI, 2520 on the park) type property meaning: old parisian charm with above average sized 2 BDs and a roof top dog walk. An agent checked in with me about 8 mos ago when the building was complete and from my understanding there was no rooftop dog walk and no mansard roof and the standard finishes had been changed because the building wasn’t doing as well as planned. It makes me wonder what other amenities this developer conveniently left out as his pockets were hurting. The 3 Bedrooms and PH have amazing views and large terraces, wait for one of those to short sell. Considering how hard they were marketing toxic mortgages, we’ll be chatting about one of the high end units in this building soon enough.
I went to a few open houses here. The gym is a tiny room without any windows. The movie room is similar. I didn’t get to see the dog run b/c it wasn’t ready. Views from some of the three bedrooms are awesome, but that is the only thing nice about the building.
jesus…short sales already???!!!!!!!!!!
we are starting to see capitulation. now looking at places back to 2003 prices with further “room for negotiatin”…there’s a storm coming…
Look on the cook county recorders site at the number of sub contractor liens on this heap.(1454 S MICHIGAN LLC)
Why on earth would you buy here.
Short sale? How did that happen? Anyway, my wife and I looked went to the sales center last year. The dog area and the green roof-top is located on the fifth floor and not the roof-top. The fitness center is tiny, but, what do you expect from a hi-rise. I noticed several full service gyms nearby like XSport Fitness and Fitness Formula.